Ethereum ($ETH) is trading around $2,148 on March 21st as sustained large holder accumulation faces slowing network growth and a major support test.
Shrinking due to whale purchases and slowing on-chain momentum $ETH fall within a narrow range. The $1,928 level defines the next big move.
ethereum whale flash conviction
Santiment data from March 18th to March 21st shows that the wallet holds between 1 million and 10 million $ETH It increased from approximately 6.38 million coins to 6.49 million coins. This marks 110,000 $ETH The increase is now valued at $235 million, demonstrating confidence.
This divergence is most evident between mid-March and March 19th. Whales increased their holdings as Ethereum price fell from $2,317 to below $2,150. Accumulation during decline indicates strong belief.
These balances must continue to rise for the bull case to hold. If the decline continues, key demand drivers will weaken.
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Ethereum Whale Holdings. Source: Santiment
Glassnode data shows a decline in new address activity. new every day $ETH Addresses peaked at nearly 450,000 around January 15, 2026, and declined to around 250,000 by March 20.
The 30-day simple moving average fell from about 355,000 on February 8 to about 255,000. The 365-day simple moving average is trending up near 175,000, indicating short-term momentum is cooling toward the long-term baseline.
A slowdown in the growth of new addresses indicates that demand from new participants is weakening. While whales are absorbing supply, broader market participation is not expanding.
Ethereum’s new address momentum. Source: Glassnode
$ETH Prices may increase slightly
The daily chart shows Ethereum price hovering around $2,154 after rejecting $2,389 on March 17th. The increase was 415 points (21.44%) from around $1,940. After that, the price fell by 197 points (8.41%).
Fibonacci retracement levels define the structure. The 0.618 level at $2,244 capped the move. The 0.786 level at $2,027 held as support. The 200-day exponential moving average has risen to around $2,121, acting as dynamic support.
The key level is $1,928, the last low before the rally. A daily close below this would signal a failed recovery and expose $1,838. if $ETH You got back $2,244 and your next goals are $2,389 and $2,550.
$ETH Price analysis. Source: TradingView
When the quarterly options expire on March 27, Bitcoin’s open interest will exceed $14 billion, potentially increasing volatility.
Combined with the Fed raising its 2026 inflation outlook while keeping interest rates unchanged, support near $2,121 will be tested next week. Whale accumulation provides support, but as network growth weakens, $ETH Weak against downward price pressure.
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